Taxpayer Relief Act of 1997

(redirected from Kasich Tax Cut)

Taxpayer Relief Act of 1997

Legislation forming part of a larger act designed to balance the federal budget. Some of the legislation's provisions included tax credits for taxpayers supporting children, an increase in the amount that could be excluded from estate taxes, and a lower capital gains tax rate.

Taxpayer Relief Act of 1997

Legislation in the United States devoted exclusively to lowering taxes. Among other things, it reduced the top capital gains rate to 20% from 28%, and nearly doubled the exemption from the estate tax. The Act also introduced a credit for each child under the age of 17 living at home; that is, a taxpayer could take a direct dollar-for-dollar reduction in his/her tax liability for each child subject to certain income limits. See also: Short-short test.